On 20 October 2011 the European Commission published formal legislative proposals intended to update and strengthen the existing framework insuring investor protection under the Market Abuse Directive (2003/6/EC) (the "MAD").

With effect from 1 January 2012 the statutory obligation to disclose substantial shareholdings in listed companies also includes certain cash-settled instruments, such as cash-settled equity swaps and stock options.

On 20 October 2011 the European Commission published formal legislative proposals intended to update and strengthen the existing framework insuring investor protection under the Market Abuse Directive (2003/6/EC) (the "MAD").